Rupert Neate in The Guardian:
The world’s super-rich hold the greatest concentration of wealth since the US Gilded Age at the turn of the 20th century, when families like the Carnegies, Rockefellers and Vanderbilts controlled vast fortunes. There are now 1,542 dollar billionaires across the world, after 145 multimillionaires saw their wealth tick over into nine-zero fortunes last year, according to the UBS / PwC Billionaires report.
Josef Stadler, the lead author of the report and UBS’s head of global ultra-high net worth, said his billionaire clients were concerned that growing inequality between rich and poor could lead to a “strike back”.
A report by Credit Suisse found that the world’s richest 1% people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn.
“The share of the top 1% has been on an upward path ever since [the financial crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter,” the Credit Suisse global wealth report said. The bank said “global wealth inequality has certainly been high and rising in the post-crisis period”.
The increase in wealth among the already very rich led to the creation of 2.3 million new dollar millionaires over the past year, taking the total to 36 million. “The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure,” Credit Suisse said.
These millionaires – who account for 0.7% of the world’s adult population – control 46% of total global wealth that now stands at $280tn. At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth.